Final answer:
A seller's broker owes a fiduciary duty to a customer, which includes loyalty, full disclosure, obedience, and accountability, mandating the broker to act solely in the client's best interest.
Step-by-step explanation:
The fiduciary duty a seller's broker owes to a customer encompasses a set of legal or ethical relationships of trust. While Ross identified several types of duties in a moral context, in terms of a real estate transaction, the fiduciary duties of a seller's broker typically include loyalty, full disclosure, obedience, and accountability. These duties, which stem from the legal concept of fiduciary obligation, ensure that the broker acts in the best interests of the client, which in this case is the seller.
Loyalty means that the broker must place the seller's interests above all others, including their own. Full disclosure requires that the broker must fully inform the seller of any information that could influence their decision-making about the sale, such as the true market value of the property or offers from potential buyers. Obedience involves following the lawful instructions of the seller, and accountability means the broker must responsibly handle any funds or property related to the transaction.
To reassure a buyer facing imperfect information, a seller could provide warranties, thorough inspections, or verifiable data about the product, mirroring the transparency expected in fiduciary duties—albeit with the roles inverted, as the buyer is now seeking assurance from the seller.